Bloomberg Surveillance · Thursday, July 9, 2026
Steve Englander from Standard Chartered Bank states that geopolitical conflicts, like the war in Iran, have faded as a primary driver for the US dollar. Instead, market focus has shifted to the Federal Reserve's actions and the US economy. He notes that while major conflicts could force a reconsideration, current episodes are viewed as distractions, with technology developments and macro factors being bigger drivers for the dollar.
“I think unless something more dramatic happens, the war has faded into the background.”
“So it's not really a very tradable type of issue. Obviously, if things escalate a lot that they have to reconsider. I think what they're looking at is, you know, what the FED is going to do, what the US economy is going to do, all the stuff that you guys talk about on equity markets and AI and the technology developments that that has been and will be the bigger driver of the dollar.”